Ardelyx (ARDX) Q3 2026 earnings summary

Executive summary

• Q3 product revenue was $125.5M, up 19% YoY; total revenue was $127.7M, up 16% YoY.

• Net loss narrowed to $0.7M; cash, cash equivalents and short-term investments totaled $285.3M at September 30, 2026.

• Priorities include accelerating IBSRELA, sustaining XPHOZAH momentum, advancing the pipeline and maintaining financial flexibility.

Financial highlights

• Total product revenue was $125.5M vs. $105.5M in Q3 2025; total revenue was $127.7M vs. $110.3M.

• Q3 net loss was $0.7M vs. $1.0M; operating income was $4.0M vs. $4.7M.

• R&D expense was $25.2M vs. $18.1M; SG&A was $93.9M vs. $83.6M, reflecting pipeline and commercial investment.

• 9M revenue was $343.0M vs. $282.1M; net loss narrowed to $55.1M from $61.2M.

Outlook and guidance

• Reaffirmed FY 2026 IBSRELA revenue guidance of $350M–$370M and XPHOZAH guidance of $110M–$120M; operating expenses expected below $500M.

• IBSRELA guidance implies annual growth above 30% at the midpoint; long-term annual U.S. revenue target remains $1B.

• Profitability remains targeted for 2027; ACCEL CIC Phase 3 topline results expected in H2 2027.